IP-No

Some acronyms have more brand equity than Coca-Cola, especially since the Woke-a-Cola scandal. GDP and IPO, in particular, denote abundance and prosperity. The more the better; who wants to be a Bhutan, or a Bechtel (/s)?

So the news that 88 Chinese tech companies are suspending their planned IPOs, further to rocky regulations and America's hard place to be Chinese, seems to most like a huge step back. Oh what could have been, had Jack Ma merely been allowed to set up a fintech empire more vast and powerful than China's central bank itself.

LehmanBush is a bit more pragmatic. "In its simplest terms, an IPO is a fund-raise," says Jimmie Jeremejev. "Had those companies listed this year, the public would have had a chance to invest earlier, for better or worse. But even without an IPO, these companies still want to raise funds. That means an opportunity for institutional investors to participate in ongoing private rounds, and enjoy upside in the run up to an eventual IPO. A shame for the retail investor, and a temporary setback for the STAR market. But from our perspective, a necessary step, and a fortunate one for institutionals."